31 Jan 2014
USD/CAD, 1.12 is just there!
FXstreet.com (Edinburgh) - The USD/CAD rally continues to push higher on Friday, trading just pips away from the psychological mark at 1.1200.
USD/CAD focus on Canadian GDP
Next on tap will be the Canadian GDP figures for the month of November, where consensus expects the domestic economic activity to have expanded at a monthly pace of 0.2%, lower than the previous 0.3%. In the US calendar, traders would also watch the release of the PCE, Personal Income/Spending and the Reuters/ Michigan index. “We look for USDCAD to remain comfortably above 1.115 even in the event of CAD short covering. 1.1225-1.1250 is really the next main target range”, observed Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD key levels
At the time of writing the pair is advancing 0.27% at 1.1196 with the next resistance at 1.1200 (psychological level) ahead of 1.1226 (high Jul16 2009) and finally 1.1237 (50% of 1.3066-0.9407). On the downside, a break below 1.1103 (low Jan.29) would open the door to 1.1078 (low Jan.28) en route to 1.1048 (10-d MA).
USD/CAD focus on Canadian GDP
Next on tap will be the Canadian GDP figures for the month of November, where consensus expects the domestic economic activity to have expanded at a monthly pace of 0.2%, lower than the previous 0.3%. In the US calendar, traders would also watch the release of the PCE, Personal Income/Spending and the Reuters/ Michigan index. “We look for USDCAD to remain comfortably above 1.115 even in the event of CAD short covering. 1.1225-1.1250 is really the next main target range”, observed Stephen Gallo, European Head FX Strategy at BMO.
USD/CAD key levels
At the time of writing the pair is advancing 0.27% at 1.1196 with the next resistance at 1.1200 (psychological level) ahead of 1.1226 (high Jul16 2009) and finally 1.1237 (50% of 1.3066-0.9407). On the downside, a break below 1.1103 (low Jan.29) would open the door to 1.1078 (low Jan.28) en route to 1.1048 (10-d MA).